Los Angeles, California | February 24, 2020
Apartment Income Investors (Aii) is pleased to announce the acquisition of Village at Moorpark Shopping Center in Moorpark, California. Aii acquired Village at Moorpark ("VAM") in February 2020 in an off-market transaction sourced through an existing broker relationship. The property was purchased below market and at a favorable cost basis compared to the appraisal obtained at acquisition.
Aii envisions a strong cashflow, with steady and substantial cash distributions for investors. The property was acquired at 55% below replacement cost and is situated in a tight market, with quick lease-up opportunities. The shopping center is 76% occupied in a submarket that has a 94% occupancy rate. The average household income averages $132,440.
VAM offers sound submarket fundamentals and strong in-place cash flow. Aii's business plan includes improving operations by negotiating with prospects for all vacancies with a local leasing agent who is #1 in the area. Our plan envisions renewed leasing with current tenants, as well as negotiating with replacement tenants for big box spaces in the shopping center. There is current demand for boutique spaces, which include a dental office, a sushi restaurant, a taco restaurant, a beauty salon, an ice cream parlor and a learning center. Property improvement plans include painting the exterior of the center and upgrading street signage to increase the overall curb appeal.
Michael Chesser, Founder and President of Aii, said, "Village at Moorpark is an example of how the Aii team works to improve the physical plant, aesthetic appeal and overall operational efficiency of a property. The team controlled operational expenses and expects quick lease-up opportunities, which are the main drivers to increase the property value. Village at Moorpark will be an asset to the community, with tenants who increase the shopping opportunities and dining options for the neighboring communities."
About Apartment Income Investors
Founded in 1994, Apartment Income Investors (Aii) has a proven track record of buying underperforming Class B multifamily and commercial properties and implementing renovation and repositioning strategies to improve operations and substantially increase the value of each property. This strategy has proven successful through several real estate cycles with above-average returns to investors. The company's goal is to transform homes, lives and communities while delivering superior investment returns.